Commercial Real Estate Market in Andover, MA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
95 active listings and 407 off-market properties in Andover, MA. Commercial property asks $590/SF to buy and $28.99/SF/Yr to lease.
Market Trends
Andover, MA spans 30.5 square miles in Essex County, Massachusetts. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Andover, MA runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail vacancy in Andover, MA runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Andover, MA runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Andover, MA asks $324/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 87.6%
- Industrial 11.4%
- Commercial 0.4%
- Mixed use 0.4%
Largest Zones share of zoned land by district
Single Residence C Zoning District
Single Residence B Zoning District
Single Residence A Zoning District
Industrial A Zoning District
Industrial D 2 Zoning District
Andover, MA zones 20,589 acres across 12 districts. Commercial zoning covers 0.4% of zoned land, residential 87.6% and industrial 11.4%. The largest single district is Single Residence C Zoning District at 51.9%. For commercial buyers the practical constraint is that only 11.8% of land carries a commercial or industrial designation.
Single Residence C Zoning District (SRC)
The purpose of this district is to provide single family residential uses
Market overview
Demographics & Economy
Andover, MA has 35,621 residents in 13,803 households. Density runs 1,167 people per square mile. Median household income here is $167,591 and median gross rent $2,046 a month.
35,621
Population
13,803
Households
2.6
Avg Household Size
43
Median Age
75%
College-Educated
97%
High-School Grad
30.5 sq mi
ZIP Area
1,167
Density / Sq Mi
$167,591
Median Household Income
$86,838
Median Earnings
$2,046
Median Rent
$813,800
Median Home Value
Tools
Lease vs Buy Breakeven
At $28.99/SF/Yr lease vs $590/SF buy → buying wins if held > 10.8 years.
At a 4.9% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Tewksbury | — | $19.68 |
| Lawrence | — | $20.20 |
| North Andover | — | $24.59 |
| Methuen | — | $25.10 |
Commercial property in Andover, MA asks $590/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Andover?
Commercial property in Andover, MA asks an average of $590 per square foot. The 5 most recent recorded sales traded at a median of $164/SF, so asking sits 259% above the achieved median. Multifamily carries the highest asking price at $324/SF.
How much does it cost to lease commercial space in Andover?
Asking lease rates in Andover, MA average $28.99 per square foot per year.
Is it cheaper to lease or buy commercial space in Andover?
Buying beats leasing in Andover, MA if the property is held longer than 10.8 years, comparing $28.99/SF/Yr asking rent with $590/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
What zoning applies to commercial property in Andover?
Andover, MA zones 20,589 acres across 12 districts, of which 0.4% is commercial and 11.4% industrial. The largest single district is Single Residence C Zoning District at 51.9% of zoned land. The purpose of this district is to provide single family residential uses Residential zoning covers 87.6% and open space 0%.
Where does Realmo's Andover market data come from?
Realmo compiles Andover, MA figures from 5 recent recorded sales, 45 active sale listings, 50 active lease listings, 407 tracked off-market properties, the current Andover zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 45 active for-sale and 50 active for-lease listings in Andover, MA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 20,589 zoned acres across 12 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level, industrial vacancy is reported at Northeast region level and asking prices run materially above recent closed pricing.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
